Guideline Value for Chozhan Nagar 1st Street

Chozhan Nagar 1st Street guideline value

The current guideline value of Chozhan Nagar 1st Street is Rs 1,300 per sq.ft, effective from 1 July 2024. This street is located in Madambakkam village, under the Selaiyur SRO, and is classified as Residential Class II Type - II.

How the guideline value of Chozhan Nagar 1st Street has changed

The guideline value for Chozhan Nagar 1st Street has undergone several revisions over the years. The earliest available figure is from 2012, which was Rs 1,200 per sq.ft. In 2017, the value decreased to Rs 804 per sq.ft, marking a decline of 33%. However, this value increased significantly to Rs 1,200 per sq.ft in 2023, and further rose to Rs 1,300 per sq.ft in 2024, reflecting an 8% increase from the previous year.

Between 2012 and 2024, the overall change in the guideline value is an increase of 8%. The 2023 to 2024 revision saw an increase of 8%, while the 2017 to 2023 revision experienced a substantial increase of 49%. The register does not have figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Madambakkam

In Madambakkam, there are 1,151 streets under the Selaiyur SRO that carry a 2024 guideline value, ranging from Rs 1,100 to Rs 6,000 per sq.ft. The median value among these streets is Rs 2,400 per sq.ft, indicating that Chozhan Nagar 1st Street's 2024 value is below this median.

• Chozhan Nagar: Rs 1,300 per sq.ft (2024)
• Chozhan Nagar 2nd Street: Rs 1,300 per sq.ft (2024)
• Chozhan Nagar 3rd Street: Rs 1,300 per sq.ft (2024)
• Chinnammal Street: Rs 1,700 per sq.ft (2024)
• Crystal Spring Nagar: Rs 2,400 per sq.ft (2024)
• Dac Vilva: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Chozhan Nagar 1st Street

For a 1,000 sq.ft plot at the current guideline value, the total guideline value is Rs 13,00,000. The stamp duty at 7% amounts to Rs 91,000, while the registration fee at 2% is Rs 26,000, bringing the total to Rs 1,17,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Chozhan Nagar 1st Street?

The Sub Registrar Office that covers Chozhan Nagar 1st Street is the Selaiyur Sub Registrar Office, located at No.36, Bharathmatha Salai (opp To Railway Quarters), Ruby Mansion, East Tambaram, Selaiyur, Chennai - 600 073, in the Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Madambakkam

The guideline value is a crucial factor in property transactions in Madambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. Buyers and sellers must consider this value when negotiating sale prices and preparing for registration.

During the registration process, the guideline value is used to calculate applicable stamp duty and registration fees. This ensures that the government receives the appropriate revenue based on the property's assessed value, which is essential for maintaining transparency in real estate transactions.

Frequently asked questions

What is the current guideline value of Chozhan Nagar 1st Street?

The current guideline value of Chozhan Nagar 1st Street is Rs 1,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,200 per sq.ft in 2012 to Rs 804 per sq.ft in 2017, then increased to Rs 1,200 per sq.ft in 2023, and finally to Rs 1,300 per sq.ft in 2024.

What is the land classification of Chozhan Nagar 1st Street?

Chozhan Nagar 1st Street is classified as Residential Class II Type - II under the current guidelines.

Which office handles registrations for properties in Chozhan Nagar 1st Street?

The Selaiyur Sub Registrar Office handles registrations for properties in Chozhan Nagar 1st Street, located at No.36, Bharathmatha Salai, East Tambaram, Chennai - 600 073.

How is stamp duty calculated for properties in Madambakkam?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 13,00,000, the stamp duty would be Rs 91,000 at a rate of 7%.